if 

ADDRESS 

TO 

THE  PUBLIC 

BY  THE 

T.flf!!TflWflTT!W  COAL  MUIE 

AND 

NAVIGATION  COMPANY, 

RELATIVE  TO  THE 

PROPOSED  CANAIf 

FROM 

THE  HUDSON 

TO  THE 

HEAD  WATERS  OF  THE  LACKAWAXEN  RIVER 


A QCOMPANIED  BY  DOCUMENTS * 


orft: 

Printed  by  Wm.  Grattan,  Thames  St. 
1824*. 


* 


COFTTEKT  S. 

3.  Address  by  the  LacJcaivaxen  Company . 

2.  Correspondence  between  Governor  Clinton  and  Messrs , 
Cantine  and  Ruggles . 

3.  Testimony  as  to  the  quantity  of  Coal . 

4.  Supplements  to  the  Charter  of  the  Delaware  and  Hudson 
Canal  Company , 


Notice  having  been  given,  that  Books  will  be  opened  on 
the  7th  of  January  next,  to  receive  subscriptions  to  the  stock 
of  the  Delaware  and  Hudson  Canal  Company,  it  is  deemed 
expedient,  on  behalf  of  the  Lackawaxen  Coal  Mine  and  Na¬ 
vigation  Company,  at  whose, instance  the  chartered  privileges 
of  the  former  company  were  granted,  briefly  to  lay  before 
the  public  a  few  facts  and  documents,  which  have  not  yet 
been  submitted  for  its  consideration. 

The  charter  of  the  Delaware  and  Hudson  Canal  Company 
having  been  published,  in  pamphlet  form,  in  connexion  with 
the  Report  of  Messrs.  Benjamin  Wright  and  J.  L.  Sullivan, 
it  is  deemed  unnecessary  to  give  it  a  place  among  the  docu¬ 
ments  hereto  annexed.  Those  who  may  wish  to  examine  it, 
are  respectfully  referred  to  the  pamphlet  above  mentioned.* 
Suffice  it  to  say,  at  this  time,  that  the  charter  is  perpetual  in 
its  duration,  and  as  liberal  in  its  provisions  as  could  be  de¬ 
sired.  The  extent  to  which  the  banking  privileges  may  be 
used  in  aid  of  the  primary  object  of  the  incorporation,  will 
be  seen  by  reference  to  the  Act  granting  them,  which  is  pub¬ 
lished  herewith. 

The  above  remarks,  as  to  the  liberal  and  comprehensive 
nature  of  the  charter  of  the  Delaware  and  Hudson  Canal 
Company,  will  also  apply  to  the  one  under  which  the  Lack- 

*  This  Pamphlet  may  be  seen  at  the  bar  of  the  Tontine  Coffee  House  ;  or  if 
any  person  should  wish  to  examine  it  with  more  mature  deliberation  than  so 
public  a  place  will  admit,  he  may  procure  a  copy  for  that  purpose,  by  calling 
upon  a  Committee  of  the  Lackawaxen  Company,  at  Sykes’s  Hotel. 


4 


awaxen  Coal  Mine  and  Navigation  Company  is  authorised 
to  make  a  Canal  navigation  from  the  mouth  of  the  river 
Lackawaxen  to  its  source.  This  charter  will  likewise  be 
found  in  the  Appendix  to  the  pamphlet,  containing  the  Re¬ 
port  of  Messrs.  Wright  and  Sullivan.  Under  these  several 
and  conjoint  Acts  of  the  Legislatures  of  Pennsylvania  and 
New-York,  ample  power  and  authority  is  given  to  open  a 
Canal,  or  slack  water  navigation,  from  the  Hudson  river, 
through  the  comities  of  Ulster,  Sullivan,  or  Orange,  to  the 
Lackawaxen  Coal  Mines  in  Pennsylvania,  upon  such  terms 
as  give  to  the  Company  entire  protection  in  the  control  and 
possession  of  their  improvements,  and  the  profits  arising  from 
them.* 

It  is  to  effect  the  opening  of  this  navigation,  that  subscrip¬ 
tions  will  be  received  on  the  7th  of  January,  1825,  to  the 
stock  of  the  Delaware  and  Hudson  Canal  Company ;  at 
which  time  it  is  proposed  so  to  consolidate  the  interests, 
privileges,  and  property  of  the  Lackawaxen  Coal  Mine  and 
Navigation  Company  with  those  of  the  Delaware  and  Hud¬ 
son  Canal  Company,  as  to  form  but  one  concern  :  in  other 
words,  to  merge  the  existence  of  the  former  Company  in  that 
of  the  latter. 

Fully  impressed  with  the  necessity  of  demonstrating  the 
physical  practicability  of  the  proposed  improvement,  before 
presenting  it  for  public  consideration,  the  proprietors  of  the 
Mines  engaged  gentlemen  of  high  professional  standing  and 
experience  to  survey  the  whole  line,  and  furnish  an  estimate 

*It  may  be  proper  here  to  remark,  that  at  the  time  of  the  passage  of  the  bill, 
conferring  bank  privileges,  the  Lackawaxen  Coal  Mine  and  Navigation  Com¬ 
pany  voluntarily  agreed,  that  the  Legislature  of  New-York  might,  at  its  next 
session,  pass  a  supplement  to  the  charter,  fixing  the  maximum  of  toll,  between 
the  Delaware  and  Hudson  rivers,  upon  all  articles  save  Coal,  at  a  rate  which 
will  average  about  50  per  cent,  above  the  tolls  charged  on  the  Northern  and 
Western  Canals.  But  the  tolls  upon  Coal  are  to  remain  as  now  fixed  in  the 
Charter,  so  that  the  Company  may  retain  that  trade  exclusively  in  its  own 
hands,  if  it  6hall  see  proper. 


§ 

of  the  expense  of  the  work.  This  has  been  done ;  and  the 
preliminary  Reports,  already  published,  of  Messrs.  Benjamin 
Wright  and  J.  L.  Sullivan,  (the  former  Chief  Engineer  of  the 
Erie  Canal,  and  the  latter  one  of  the  Board  of  Internal  Im¬ 
provement  appointed  by  the  President  of  the  United  States, 
under  the  late  act  of  Congress,)  are  confidently  referred  to, 
as  containing  the  most  conclusive  and  satisfactory  evidence 
of  the  practicability  of  the  work. 

The  Lackawaxen  Company  are  also  sensible,  that  every 
work  of  this  nature  and  magnitude,  when  proposed  to  be  ac¬ 
complished  by  individual  enterprise  and  capital,  must  have 
an  adequate  basis  in  private  interest ;  for  however  gratifying 
it  may  be  to  promote  the  public  prosperity,  yet  in  order  that 
such  may  be  the  sure  consequence,  it  is  necessary  that  the 
foundation  be  deeply  and  securely  laid,  in  the  certainty  of 
benefit  and  remuneration  to  the  stockholders  themselves. 
This  foundation  is  laid,  in  the  possession  by  the  Company 
of  an  inexhaustible  body  of  coal,  of  the  purest  and  best  qual¬ 
ity — in  the  legislative  grants  by  which  the  Company  is  au¬ 
thorised  to  make  a  Canal  from  the  Hudson  to  the  Mines, 
through  an  important  and  growing  section  both  of  Pennsyl¬ 
vania  and  New-York,  with  full  authority  to  carry  on  the 
coal  trade,  to  the  exclusion  of  all  other  persons,  if  the  Com¬ 
pany  shall  see  proper — and  in  the  liberal  auxiliary  banking 
powers  conferred  upon  the  Company,  by  the  legislature  of 
New-York.* 

The  existence,  in  Pennsylvania,  of  a  vast  body  of  the 
richest  coal,  is  a  fact  which  requires  no  comment.  It  is  well 
known  to  occupy  a  wide  extent  of  country.  Commencing 
near  the  Susquehanna  river,  above  Harrisburgh,  it  ranges 

*  It  may  Rot  be  uninteresting  to  remark,  that  the  line  of  the  Canal  may  be 
so  extended,  on  this  route,  as  to  command  the  trade  of  the  Susquehanna  river. 
The  Lackawanock  river,  which  is  a  fine  stream,  interlocks  with  the  Lacka¬ 
waxen,  and  discharges  its  waters  into  the  Susquehanna  about  nine  miles  above 
Wilkesbarre.  The  statute  book  of  Pennsylvania  contains  an  act,  authorising 
an  incorporation  of  a  Company  to  make  a  Canal,  or  lock  navigation,  on  the 


in  a  north  easterly  direction,  and  passing  the  head  waters 
of  the  Schuylkill,  it  has,  at  that  point,  presented  a  sufficient 
inducement  for  improving  the  navigation  of  that  river,  at  an 
expense  of  $1,750,000,  in  order  to  supply  the  City  of  Phila¬ 
delphia  with  coal.  It  is  traced  from  thence  to  within  nine 
miles  of  the  Lehigh  river,  which  distance,  the  Lehigh  Com¬ 
pany  now  haul  it  to  their  landing  on  the  stream,  after  hav¬ 
ing  expended  several  hundred  thousand  dollars  in  forming 
merely  a  descending  navigation  to  the  mouth  of  the  Lehigh, 
in  order  to  reach  the  Philadelphia  market.  From  this  point, 
it  extends  still  in  a  north  easterly  direction,  to  the  east 
branch  of  the  Susquehanna  river,  and  up  the  valley  of  the 
Lackawanock,  to  its  source  north  of  Rix’s  Gap.  It  is  at 
Rix?s  Gap,  that  part  of  the  mines  of  the  Lackawaxen  Com¬ 
pany  are  situated,  which,  from  their  proximity  to  the  head 
of  the  Lackawaxen  river,  are  accessible  by  a  Canal  from 
the  Hudson.  This  range  of  country  abounds  with  the  arti¬ 
cle  :  but  the  mines  owned  by  this  Company,  were  selected 
and  purchased  some  years  ago,  with  an  especial  reference 
to  the  facilities  which  their  locality  presents  for  transporting 
the  coal  to  market,  by  the  waters  of  the  Lackawraxen.  In 
relation  to  the  quality  and  abundant  quantity  of  the  article, 
which  of  course  is  an  important  and  leading  consideration, 
it  is  apprehended,  that  a  reference  to  the  annexed  docu¬ 
ments  on  that  head,  will  be  found  entirely  satisfactory. 

These  mines  being  vested  in  the  Canal  Company,  thg 
coal  trade  would  of  course  be  carried  on  by  it :  and  the  in¬ 
ducement  which  the  contemplated  undertaking  (in  this  point 
of  view)  presents  to  capitalists,  to  embark  their  funds  in  it, 


Lackawanock;  no  sufficient  motive,  however,  has  yet  been  presented.  But 
that  rhotive  would  at  once  be  presented,  if  a  Canal  were  opened  from  the  Hud¬ 
son  to  the  Lackawaxen  Mines.  It  will  be  discovered  in  its  full  force,  by  a 
glance  at  the  map  of  Pennsylvania,  where  this  great  river  may  be  traced,  al¬ 
ready  navigable,  to  its  numerous  sources,  among  the  populous  and  productive 
counties  of  the  we6t. 


will  of  course  be  a  subject  of  inquiry.  On  this  point,  the 
attention  of  the  reader  is  invited  to  the  opinion  of  Governor 
Clinton,  as  expressed  in  the  annexed  correspondence  be¬ 
tween  him  and  Messrs.  Cantine  and  Ruggles  :  and  he  will 
be  good  enough  to  bear  in  mind,  that  this  correspondence 
took  place,  prior  to  the  passage  of  the  act,  which  conferred 
extensive  banking  privileges  upon  the  Company.  The  effi¬ 
cient  aid,  which  those  privileges  will  give  to  the  Company, 
both  in  the  construction  of  the  Canal,  and  in  their  subsequent 
operations,  every  one  can  appreciate. 

But  in  order  (hat  this  point  may  be  examined  more  mi¬ 
nutely,  the  estimate  of  the  expense,  per  ton,  of  delivering  the 
article  in  New-York,  as  submitted  with  the  Report  of  the 
Engineers  heretofore  mentioned,  is  referred  to,  with  an  entire 
confidence  in  its  being  more  than  sufficient  to  cover  all  charges. 
That  estimate  has  been  made  with  the  most  careful  and 
minute  reference  to  every  step  in  the  business,  and  to  every 
possible  charge  that  can  accrue,  and  with  a  determination 
to  err  rather  upon  the  side  of  liberality,  than  the  contrary. 
It  is  there  exhibited,  in  detail,  in  order  that  its  accuracy 
may  be  tested  by  a  rigid  examination,  which  is  invited,  in 
the  full  assurance  that  those  who  give  to  it  this  critical  at¬ 
tention,  will  be  disposed  to  diminish,  rather  than  add  to  the 
general  result :  namely,  two  dollars  sixty-four  and  one  half 
cents  per  ton,  or  less  than  nine  and  a  half  cents  per  bushel. 

This  being  the  cost  of  the  article,  delivered  on  the  wharf, 
at  the  City  of  New-York,  the  dividends  of  the  Company  will 
depend  upon  the  price  the  article  would  bring,  the  quantity 
that  could  be  annually  sold,  and  the  capital  that  would  be 
required.  In  Philadelphia,  the  Lackawaxen  Coal  brings 
$10  per  ton — 28  bushels  to  the  ton.  The  Lehigh  Com¬ 
pany,  during  the  past  season,  have  sold  theirs  at  $7:33. 
Suppose  we  assume  the  price  at  which  the  Lackawaxen 
should  be  sold  in  New-York,  at  $6  per  ton,  at  which  rate 
it  is  cheaper  than  Liverpool  at  $3  for  the  same  quantity : 


It  will  be  seen,  from  Mr.  Clinton’s  letter  to  Mr.  Cantine, 
that  lie  computes  the  consumption  of  the  City  of  New-York 
at  120,000  tons  annually.  But  let  us  take  the  whole  mar¬ 
ket,  namely,  the  City  of  New-York — the  towns  upon  the 
Hudson — the  borders  of  the  Canals,  and  the  interior  of  the 
State,  including  the  Salt  Works — New  Jersey,  and  the  east¬ 
ern  ports,  at  the  very  moderate  quantity  of  160,000  tons, 
annually  : 

The  estimated  expense  of  the  Canal,  by  the  Engineers,  is 
$1,208,632:95.  To  this  add  the  floating  capital  that  would 
be  necessary  to  prosecute  the  Coal  business,  and  for  the  sake 
of  round  numbers,  assume  the  whole  capital  of  the  Company 
at  $1,500,000,  exclusive  of  the  stock  to  be  issued  to  'he  Penn¬ 
sylvania  Company ,  for  the  property  and  privileges  to  be  by 
them  thrown  into  the  concern  : 

We  have,  then,  our  data,  and  let  us  see  what  would  be  the 
result.  The  cost  of  160,000  tons,  at  $2:64  1-2  per  ton,  is 
$423,200.  Sold  at  $6  per  ton,  it  would  produce  $960,000. 
The  gain  to  the  Company  would  be  $536,800 ;  equal  to  35 
per  cent,  and  upwards,  on  $1,500,000. 

This  result,  it  will  be  remarked,  does  not  include  the  ope¬ 
rations  of  the  Bank,  w  hich  will,  of  course,  add  to  the  profits 
of  the  Company  ;  nor  does  it  include  the  tolls  which  would 
be  received  for  the  transportation  of  the  agricultural  products 
of  an  extensive  and  fertile  country  ;  the  lumber,  tan-bark, 
staves,  brick,  and  other  materials,  found  in  great  abundance 
upon  the  Kne  of  the  Canal ;  the  return  loading  of  merchan¬ 
dize,  salt,  gypsum,  lime,  &c.  altogether  furnishing  a  source  of 
large  revenue  to  the  Company,  independent  of  the  Coal  bu¬ 
siness. 

This  per  centage  upon  the  investment,  so  far  exceeds  the 
usual  product  of  capital,  that  this  very  circumstance  may  in¬ 
duce  doubts  in  the  minds  of  some,  as  to  the  accuracy  of  the 
several  steps  by  which  such  a  result  is  shown.  The  projec¬ 
tors  of  this  work  would  indeed  have  reason  to  congratulate 


9 


themselves  on  their  singular  good  fortune,  if  doubts  did  not 
arise  in  the  minds  of  those,  whose  attention  has  been  but 
slightly,  if  at  all,  directed  to  the  merits  of  such  enterprises. 
Incredulity  is  a  difficulty  with  which  every  project  of  this 
kind  has  had  to  struggle  in  its  infancy  :  the  citizens  of  New- 
York,  particularly,  need  not  be  reminded,  that  the  splendid 
works  which  are  now  the  pride  and  glory  of  their  own  state, 
and  the  admiration  of  the  union,  w  ere  once,  with  many  per¬ 
sons,  not  merely  a  subject  of  doubt,  but  of  ridicule.  Experi¬ 
ence,  however,  has  fully  tested  the  enlightened  views  and 
sound  judgment  of  those  who  projected  theift.  That,  from 
which  many  anticipated  ruin  to  the  finances  of  the  state,  is 
now  regarded  as  one  of  her  most  prolific  sources  of  revenue. 
In  a  recent  publication,  after  giving  a  schedule  of  the  articles 
transported  upon  the  Erie  Canal  during  the  past  year,  it  is 
remarked,  that  “  it  is  ascertained  that  the  toll  received  du¬ 
ring  the  year,  on  the  Western  Canal  alone,  amounts  to 
$256,000,  which  pays  an  interest  of  5  per  cent,  on  $5, 120,000. 
The  tolls  on  the  Northern  Canal  are  not  included  ;  but  it  is 
within  the  bounds  of  reason  to  say,  that  the  revenue  from 
both  Canals,  by  the  year  1830,  will  be  upwards  of  half  a 
million  of  dollars,  over  and  above  paying,  costs,  and  charges 
for  repairs,”  he. 

In  addition  to  the  revenue  derived  from  the  transportation 
of  the  same  kind  of  articles  which  furnish  the  business  of  the 
Erie  and  Champlain  Canals,  the  Delaware  and  Hudson  Ca¬ 
nal  would  have  the  benefit  of  the  Coal  trade.  We  have  the 
assurance  of  Mr.  Clinton,  in  the  annexed  letter  from  him  to 
Mr.  Ruggles,  that  “  whenever  coal  forms  the  principal  arti¬ 
cle  of  transportation  on  a  Canal,  the  investment  of  money  is 
always  considered  lucrative.” 

If  we  refer  to  the  experience  of  England,  we  find  twenty- 
six  Canals,  in  the  construction  of  which,  coal  was  the  prima- 
ry  object.  The  stock  in  all  of  them  is  above  one  hundred 
per  cent,  advance ;  and  some  have  risen  to  an  astonishing 


10 


degree.  According  to  the  London  Financial  and  Commer¬ 
cial  Record  of  the  11th  February,  1823, 

THE  STOCK  IN  THE 

Birmingham  Canal  cost,  per  share,  £25  and  sells  for  £565 


Coventry  ,, 

33 

100 

33 

999 

Erewash  ,, 

3  > 

100 

33 

1000 

Grand  Junction 

33 

100 

33 

218 

Leeds  and  Liverpool 

S3 

100 

33 

278 

Leicester 

33 

100 

33 

200 

Oxford 

33 

100 

33 

040 

Stafford  and  Worcester 

3? 

100 

33 

642 

Warwick  and  Birmingham 

33 

100 

33 

210 

Warwick  and  Upton 

3> 

100 

JJ 

235 

Mersey  and  Irewcll 

33 

100 

J3 

650 

A  late  English  publication  quotes  the  Loughborough, 
which  cost  £100  per  share,  as  selling  for  £3,500.  The 
Trent  and  Mersey,  which  cost  £100,  sold  for  £2,280  per 
share  in  May,  1824.* 

Considering  the  extent  and  growing  character  of  the  mar¬ 
ket,  which  the  proposed  canal  would  open  for  the  Lacka- 
waxen  coal,  no  good  reason  can  be  given  why  the  stock  of 
the  Company  should  not  rise  in  the  same  proportion. 

^STAFFORDSHIRE — GRAND  TRUNK,  OR  TRENT  AND  MERSEY  CANAL. 

The  additional  tunnel  through  Harecastle  Hill,  was  commenced  last  month. 
It  is  calculated  to  occupy  the  labour  of  five  years,  during  which  several  hun¬ 
dred  men  must  be  employed.  The  expense  has  been  estimated  at  a  guinea  an 
inch,  (forward.)  The  distance  being  about  one  mile  and  three  quarters,  or 
2880  yards,  which  alone  will  make  103,680  guineas.  The  total  expense  has 
been  calculated  at  a  quarter  of  a  million  sterling.  Shafts  will  be  sunk  and 
steam  engines  erected  for  raising  the  earth,  Szc.  at  different  points  of  elevation, 
the  tunnel  averaging  about  seventy  yards  in  depth  from  the  surface  of  the  hill. 
The  Grand  Trunk  Canal  was  begun  in  1767,  and  finished  in  1777,  and  such  is 
the  richness  of  the  Company  and  the  business  of  the  Canal,  that  the  cost  is 
no  object  compared  to  the  advantages  to  be  gained. — London  New  Monthly 
Magazine ,  for  June ,  1824. 

The  above  Canal  is  about  100  miles  in  length,  and  overcomes  a  fall  of  642 
feet  by  77  locks,  and  1ms  already  one  tunnel  through  Ilarecastle  Hill  2888 


11 


In  conclusion,  it  is  believed  on  the  part  of  those  who  pre 
sent  the  subject  for  public  consideration,  that  a  careful  and 
sober  examination  of  its  merits,  will  induce  a  conviction,  that 
an  union  of  the  Lackawaxen  Coal  Mine  aud  Navigation  Com¬ 
pany  with  the  Delaware  and  Hudson  Canal*Company,  under 
the  charters*  now  in  existence,  so  as  to  combine  the  coal,  ca¬ 
nal,  and  banking  operations,  in  one  common  stock,  will  lay 
the  foundations  of  an  institution,  possessing  in  itself  the  means 
of  unrivalled  aggrandizement  and  prosperity;  the  three  seve¬ 
ral  branches  of  the  concern,  like  the  tributary  streams  of  a 
mighty  river,  uniting  to  form  a  deep,  permanent,  productive 
current  of  business,  co-extensive  with  the  progress  of  the  po¬ 
pulation  and  improvement  of  the  City  and  State  of  New- 
York. 

Subscriptions  to  the  Stock  of  the  Company  will  be  taken, 
on  the  7th  day  of  January,  1825,  at  the  Tontine  Coffee-House . 
in  the  City  of  JYew-YorJc;  and  on  the  same  day  at  Goshen ,  in 
the  County  of  Orange ,  and  Kingston ,  in  the  County  of  Ulster. 


yards  in  length,  9  feet  wide,  and  12  feet  high,  another  at  Preston-on-the-hill  of 
1241  jards,  at  Barton  of  572  yards,  at  Saltersford  another  of  350  yards,  and 
at  Hermitage  of  130  yards.  It  has  several  reservoirs  to  feed  the  summit,  cov¬ 
ering  together  about  220  acres,  and  there  are  a  number  of  rail  ways  and 
branch  cuts  connecting  the  Canal  with  mines  and  quarries.  The  boats  usedcire 
80  feet  long  and  6  feet  wide,  and  the  locks  7  feet  wide.  The  rates  of  tonnage 
are  a  penny-half-penny  per  mile,  and  the  articles  carried  upon  it  are  coals,  salt, 
pottery  wares,  lime,  gypsum,  slates  and  agricultural  products.  Ihe  Shares , 
Originally  100/.  each,  sold  as  high  as  2280/.  each,  in  May,  1824. 


OOAXtESFOnrDEXIJCti 

BETWEEN 

Gov.  Clinton  and  Messrs.  Cantine  and  Haggles. 

— &QQ — 

Extract  of  a  letter  from  Abraham  Cantine ,  Esq.  of  Ulster  cc  unJ 
ty ,  to  De  Witt  Clinton ,  Esq .  dated  *Vov.  15,  18:23.. 

Silt, 

Since  the  passage  of  the  act  of  last  winter,  to  incorporate 
the  Delaware  and  Hudson  Canal  Company,  great  interest 
has  been  excited  on  the  subject,  in  this  and  some  of  the  ad¬ 
joining  counties.  I  accompanied  Mr.  Mills  on  the  survey 
made  by  him,  under  the  direction  of  Judge  Wright,  from  the 
tide  water  of  the  Hudson  river,  near  Kingston,  to  the  Coal 
beds  of  the  Messrs.  Worts,  in  the  state  of  Pennsylvania.  Af¬ 
ter  having  finished  running  the  level,  our  party  visited  the 
Coal  bods :  they  are  inexhaustible  ;  and  the  Coal  not  only  ap¬ 
pears  to  the  eye,  but  on  trial  in  a  grate,  proved  to  be  of  su¬ 
perior  quality.  From  such  information  as  has  reached  me 
relative  to  the  survey  of  the  New- Jersey  route,  I  am  led  to 
believe,  that  a  Canal  may  be  constructed  here  at  less  expense 
than  there,  and  furnish  better  Coal. 

But  information  is  yet  wanted  on  several  points  connected 
with  this  subject,  and  many  gentlemen  of  respectability  have 
made  inquiries  of  me,  not  only  with  respect  to  the  probable 
expense  of  the  undertaking,  but  as  to  the  revenue  which 
might  be  expected  to  arise  from  the  work  when  completed. 
The  inquiries  on  the  first  point  will  be  satisfied  when  Judge 
Wright  shall  have  made  the  survey  and  estimate,  which  it 
was  expected  would  have  been  done  this  fall.  With  res¬ 
pect,  however,  to  the  profits,  which  the  stockholders  might 


18 


be  expected  to  derive,  I  am  at  a  Joss  whence  to  obtain  the 
data ,  by  which  to  form  any  estimate.  Information  is  want¬ 
ed  with  respect  to  the  amount  paid  annually,  for  fuel,  in  the 
City  of  New-York;  what  quantity  6f  Coal  could  be  substi¬ 
tuted  for  wood  in  that  City,  and  what  would  be  the  differ¬ 
ence  in  the  expense;  what  quantity  would  probably  find  a 
market  on  the  borders  of  the  Hudson,  in  the  eastern  Atlan¬ 
tic  cities,  towns,  and  manufacturing  establishments ;  fixing 
the  price,  per  ton,  at  tide  water  near  Kingston. 

1  am  aware,  that  there  may  be  difficulty,  in  obtaining  pre¬ 
cise  and  definite  information  on  those  points  :  but  from  your 
intimate  knowledge  of  the  City  of  New-York  ;  the  great  at¬ 
tention  you  have  bestowed  upon  the  internal  economy  of  the 
State ;  the  experience  derived  from  the  discharge  of  your 
public  duties,  and  your  desire  to  promote  the  interests  of  do¬ 
mestic  industry,  I  have  been  induced,  upon  the  suggestion 
of  several  respectable  citizens  of  this  county,  to  address  my¬ 
self  to  you,  for  such  information  on  the  subject  as  you  may 
possess. 

Any  information  you  may  have  the  goodness  to  commu¬ 
nicate,  will  lay  me,  and  many  others  in  this  quarter,  un¬ 
der  the  highest  obligations. 

Very  respectfully,  Sir, 

Your  obedient  servant, 

ABRAHAM  CANTINE, 


DE  WITT  CLINTON  TO  ABRAHAM  CANTINE,  ES^» 

Albany ,  4  December ,  1823. 

Dear  Sir, 

I  did  not  receive  your. letter  of  the  15th  ultimo,  until  my 
return  from  New-York,  two  or  three  days  ago :  and  I  now, 
with  great  pleasure,  devote  my  first  leisure  moments  to  a 
reply. 


14 


It  would  have  been  very  gratifying  to  me,  to  haVe  ex¬ 
plored  the  line  of  your  contemplated  Canal,  which  I  should 
certainly  have  done,  if  your  intimation  had  been  made  at  \xn 
earlier  period  :  and  if  this  measure  is  considered  of  impor¬ 
tance,  I  shall  not  fail  to  attend  to  it,  at  any  time  that  may 
be  deemed  most  eligible  next  spring.  Judge  Wright,  who 
is  now  in  Pennsylvania,  will,  in  all  probability,  be  enabled 
to  accompany  me  at  that  time. 

I  regret  that  you  did  not  communicate  the  distance  and 
elevations  of  the  Canal.  I  could  then  have  formed  an  opi¬ 
nion  of  its  expense. 

The  Anthracite  Coal,  on  the  lands  of  the  Messrs.  Wurts, 
is  the  same  as  the  Lehigh  and  Schuylkill  Coal.  It  contains 
twice  as  much  of  the  principle,  or  matter  of  ignition,  as  the 
Coal  imported  from  Europe  or  Virginia.  It  throws  out  an 
intense  heat,  and  is  preferred  to  any  other  fuel,  for  all  ma¬ 
nufacturing  operations :  and  its  deficiency  of  igniting  power* 
can  be  supplied  by  a  skilful  construction  of  fire-places. 

The  City  of  New-York  will,  it  is  calculated,  require  120,000 
tons  of  this  Coal :  and  the  consumption  on  the  borders 
of  the  Hudson,  and  in  the  Eastern  States,  may  be  set  down  at 
60,000  tons  more :  to  which  may  be  added,  at  a  period  more 
distant,  a  demand  for  20,000  tons  for  manufacturing  and  do¬ 
mestic  purposes,  in  the  region  adjoining  the  Canal,  and  other 
places,  not  included  in  the  above  estimate ;  and  the  whole 
quantity  of  Coal  transported  on  this  Canal,  may  in  a  few 
years  amount  to  200,000  tons. 

Establishing  the  toll  on  a  ton  a  mile  at  one  cent  and  a 
quarter,  the  revenue  from  this  article  alone,  would  be  im¬ 
mense. 

In  order  to  calculate  the  price  of  a  ton  of  Coal  at  New- 
York,  when  conveyed  by  this  route,  you  must  add  to  the 
price  at  the  mine,  the  expense  of  the  transportation  to,  and 
on  the  Canal,  the  amount  of  toll,  and  the  cost  of  convey¬ 
ance  from  the  place  where  the  Canal  unites  with  the  Hud¬ 
son  River  to  that  City. 


15 


it  ought,  however,  to  be  considered,  that  Coal  is  now 
transported  to  New-York,  from  Philadelphia,  by  sea;  but 
this  will  probably  be  discontinued  on  the  construction  of  a 
good  Canal.  It  ought  also  to  be  understood,  that  two  other 
Canals  are  contemplated,  one  from  the  Delaware  to  the 
Rariton,  which  will  furnish  Schuylkill  Coal,  and  another 
from  the  Delaware  to  the  Passaic,  which  will  afford  a  supply 
of  Lehigh  Coal :  and  the  force  of  habit  will  induce  many 
families  to  continue  the  use  of  bituminous  Coal,  or  of  wood, 
when  the  Glance  Coal  of  Pennsylvania  ought  to  be  pre-* 
fered  on  account  of  heat  and  cheapness. 

I  have  no  data,  by  which  I  can  calculate  the  revenue  that 
may  arise,  from  the  conveyance  of  gypsum  and  other  ma¬ 
nures,  lumber,  metallic  substances,  and  the  products  of 
husbandry;  but  in  course  of  time  it  must  be  considerable, 
and  the  return  boats  will,  it  is  to  be  presumed,  transport 
great  quantities  of  merchandize  for  the  accommodation  of 
an  extensive  inland  couiftry. 

Upon  a  fair  view  of  the  whole  subject,  as  it  is  presented 
ao  me,  it  appears  evident  that  a  project  of  this  kind  af¬ 
fords  a  good  prospect  for  a  lucrative  investment  of  capital, 
provided  the  expense  of  the  work  is  not  unreasonably  or 
unexpectedly  high. 

I  am,  with  great  respect, 

Your  most  ob’t  servant, 

DE  WitT  CLINTON. 


OH  ARLES  41.  IiUCGLES,  ESQ.  TO  DE  WTTT  CLINTON. 


Kingston ,  April  9th ,  1824, 

Sir, 

The  project  of  opening  a  communication,  by  a  Canal 
from  the  waters  of  the  Hudson  River,  near  this  place,  to 
the  Coal  Mines  in  Pennsylvania,  near  the  head  of  the  Lack- 


1G 


awaxen  river,  is  becoming  every  day  a  matter  of  greater 
interest  to  the  people  of  this  state,  and  particularly  to  the 
inhabitants  of  that  part  of  it,  in  which  I  reside.  But  the 
magnitude  of  the  work,  and  the  difficulty  of  forming  a  satis¬ 
factory  estimate  of  the  expense  of  its  construction,  may  pre¬ 
vent  them,  and  others,  from  applying  such  means  as  are  in 
their  power  to  the  promotion  of  the  object. 

A  report,  on  this  subject,  has  been  made  by  Judge  Wright 
and  Col.  Sullivan,  founded  on  surveys  made  during  the  last 
season,  which  has  not  only  removed  doubts,  as  to  its  prac¬ 
ticability,  but  has  created  a  confidence  in  its  being  an  un¬ 
dertaking,  in  which  capital  may  be  profitably  and  advan¬ 
tageously  invested. 

It  is,  nevertheless,  desirable  to  ijiany  persons  of  my  ac¬ 
quaintance,  and,  I  am  confident,  it  will  be  satisfactory  to 
many  others,  to  be  informed  whether  the  estimates  and  opi¬ 
nions  contained  in  the  report,  have  the  sanction  and  con¬ 
currence  of  other  gentlemen,  whose  information  and  experi¬ 
ence  are  known  to  have  rendered  them  competent  judges  of 
matters  of  this  kind  ;  and  if  not,  in  what  particulars  there 
may  be  a  difference  of  opinion. 

I  should,  therefore,  esteem  it  a  favour,  to  be  made  ac¬ 
quainted  w  ith  the  result  of  your  examination,  on  the  points 
within  the  scope  of  its  inquiries,  founded  on  the  facts  sta¬ 
ted  by  the  Engineers,  or  on  other  data  within  your  know¬ 
ledge. 

I  have  the  honour  to  be, 

With  great  respect, 

Your  obedient  servant, 

CHARLES  H.  RUGGLES, 


17 


DE  WITT  CLINTON  TO  CHARLES  H.  RUGGLES,  ESQ,* 

Albany ,  21  April,  1824* 

Sir, 

I  avail  myself  of  my  first  leisure  moment  to  answer  your 
letter  of  the  9th  instant. 

Before  I  had  the  pleasure  of  perusing  the  very  able  report 
of  the  Engineers,  on  the  proposed  Canal  from  the  Hudson  to 
the  head  waters  of  the  Lackawaxen  river,  I  made  a  commu¬ 
nication  to  Mr*  Abraham  Cantine,  containing  some  views  of 
the  importance  and  productiveness  of  that  improvement,  to 
which  I  refer  you.  Permit  me  to  add,  that  whenever  coal 
forms  the  principal  article  of  transportation  on  a  Canal,  the 
investment  of  money  is  always  considered  lucrative.  The 
tolls  arising  from  the  coal,  will  alone  produce  a  great  reve¬ 
nue,  and  the  manufacturing  establishments  which  depend  on 
fuel,  must  flourish  in  proportion  to  the  facility  and  cheapness 
of  die  supply ;  a  great  trade  will  spring  into  existence,  and 
every  year  will  add  to  its  expansion  and  its  prosperity. 

The  profits  of  the  stockholders  will,  however,  depend 
on  the  expense,  as  wel  l  as  on  the  income  of  the  Canal. 

I  have  paid  great  attention  to  the  statements  of  the  Engi¬ 
neers,  and  I  think  them  not  only  ingenious,  but  solid.  The 
length  of  the  Canal  is  estimated  at  117  miles,  and  the  aggre¬ 
gate  expense  at  1,208,632  dollars;  and  I  agree  with  Mr. 
Wright,  that  if  the  character  of  the  route  is  truly  delineated, 
this  sum  is  not  too  low  :  but  every  thing  will  depend  on  the 
modus  operandi .  You  must  proceed  entirely  by  contracts, 
and  tie  up  the  contractors  to  a  rigid  performance  of  their 
engagements,  without  extra-compensation.  Let  this  plan  be 
inflexibly  adhered  to,  and  you  will  proceed  by  a  certain 
standard.  Your  contractors  will  not  offer  too  low  a  price 
with  a  view  of  getting  jobs,  and  with  an  expectation  of  ulti¬ 
mate  remuneration,  and  you  will  steer  clear  of  the  operations 
of  fraud,  which  will,  on  a  loose  system,  approach  you  in  every 
shape,  and  bid  defiance  to  detection. 

c 


18 


/ 


On  this  occasion  permit  me  to  say,  that  Mr.  Wright  is  un¬ 
questionably  the  best  Engineer  that  has  officiated  on  the  Erie 
Canal,  and  perhaps  the  best  in  the  United  States.  In  his 
judgment  you  may  place  the  utmost  confidence. 

In  this  project,  then,  there  is  an  union  of  every  leading 
consideration  which  can  influence  the  views  of  a  capitalist, 
or  govern  the  conduct  of  *a  public  spirited  man  c  practicabi¬ 
lity — moderate  expense — large  revenue — excitement  of  agri¬ 
cultural  and  manufacturing  industry — augmentation  of  trade 
and  commerce — and  general  accommodation. 

With  my  best  wishes  for  the  success  of  this  patriotic  under¬ 
taking, 

I  am  your’s  very  respectfully, 

DE  WITT  CLINTON. 


QVAHTICT  OP  COAL. 

Extract  from  the  Report  of  Col .  J>  L.  Sullivan ,  to  Benja¬ 
min  Wright ,  Esq . 

“  In  conclusion — it  will  no  doubt  be  a  satisfaction  to  you, 
as  a  citizen  of  the  State  of  New-York,  to  learn  that  there 
exists  a  body  of  Coal,  near  the  head  waters  of  the  Lac  ka- 
waxen,  worthy  of  so  great  a  w  ork  as  this  now  contemplated.” 

[See  page  21,  of  the  Report. 

Extract  from  Judge  Wright's  Report . 
iCI  have  inquired  of  Col.  Sullivan  and  Mr.  Mills,  the  rea¬ 
sons  or  ground  of  their  opinion,  of  there  being  an  inexhaus¬ 
tible  body  of  Coal,  at  Carbondale,  (being  the  place  sta^ 
ted  to  be  the  object  of  this  improvement,  and  to  be  four  or 
five  miles  from  Keen’s  Pond,  as  before  stated,)  and  their  in¬ 
formation  has  satisfied  me,  and  dispelled  all  doubts  in  mjr 
own  mind,  as  to  the  correctness  of  their  opinion.” 

[See  page  26,  of  the  Report. 

Extract  of  a  Letter  from  Abraham  Cantine ,  Esq.  of  Ulster 
County ,  J\.  Y.  to  De  Witt  Clinton ,  Esq. 

{S  After  having  finished  running  the  levels,  our  party  view- 


ed  the  coal  beds:  they  are  inexhaustible.  On  trial,  in  a 
grate,  the  coal  proved  to  be  of  superior  quality.” 

Extract  from  the  “  Report  of  the  Commissioners ,  appointed 
by  the  Legislature  of  New- Jersey,  to  explore  the  route  of  a 
proposed  Canal  to  unite  the  river  Delaware ,  near  Easton f 
with  the  Passaic ,  near  Newark 

“The  Canal  will  create  a  steady,  equable  and  vast  de¬ 
mand  :  it  will  therefore  bring  into  market  a  competition  of 
sellers,  from  the  Lehigh,  Susquehanna  and  Lackawaxen ,  on 
each  of  which  rivers,  Mines  exist,  which  would,  singly,  meet 
our  full  demand.” 

Letter  from  Col  J.  L .  Sullivan ,  to  John  Wurts ,  Esq.  origi¬ 
nally  published  in  the  “  Albany  Daily  Advertiser ,”  of  No¬ 
vember  16,  1824. 

Albany,  Nov.  13,  1824. 

To  John  Wurts ,  Esq.  at  Albany: 

Sir, — l  cheerfully  avail  of  the  opportunity  which  a  short 
visit  to  one  of  my  family,  residing  in  this  city,  affords  me,  of 
bearing  testimony  (at  your  request)  to  the  value  and  situa¬ 
tion  of  the  Lackawaxen  coal,  and  to  the  importance  of  the 
canal  you  have  in  contemplation,  under  the  authority  of  the 
state,  to  open  a  communication  between  the  Hudson  and  the 
Delaware.  1  regret  that  my  present  engagement  in  the  ser¬ 
vice  of  the  United  States,  does  not  allow  me  to  prolong  my 
stay  to  explain  personally  to  members  of  the  Assembly, 
desirous  of  the  information,  the  relative  location  of  the  masses 
of  coal,  as  it  appears  in  various  places,  twenty  feet  high  along 
the  sides  of  the  valley,  as  well  as  under  the  bottom  land,  and 
at  distances  so  as  to  admit  no  doubt  in  my  mind,  of  the 
continuity,  and  great  extent  of  its  strata. 

Having  the  last  year  been  substituted  by  Judge  Wright,  • 
(whose  avocations  did  not  allow  him  immediately  to  fulfil 
your  expectation  of  his  services,)  to  make  the  preliminary 
examination  of  the  route,  I  considered  it  incumbent  on  me 
in  point  of  duty,  as  well  as  to  satisfy  my  own  mind,  that  the 
object  of  the  canal  was  worthy  of  its  expense,  to  view  the 
coal  as  it  naturally  appears.  And  in  my  report,  which  you 
printed  for  general  information,  I  felt  myself  authorised  by 
the  examination,  to  say  of  the  quantity ,  that  it  appeared  in  vast 
abundance. 


2® 


This  belief  1  unhesitatingly  reiterate,  and  am  supported 
in  this  confidence  by  the  opinion  of  Abraham  Cantine,  Esq. 
expressed  in  his  letter  bearing  date  the  15th  Nov.  1823,  to  a 
gentleman  of  high  respectability  in  this  city,  after  viewing 
the  coal  beds.  His  language  is,  “  after  having  finished  run¬ 
ning  the  levels,  our  party  viewed  the  coal  beds  :  they  are 
inexhaustible .  On  trial  in  a  grate  the  coal  proved  to  be  of 
superior  quality.” 

This  coal  is,  in  fact,  the  northern  part  of  the  coal  forma¬ 
tion  which  extends  from  the  head  of  Schuylkill  river  north¬ 
ward,  (touching  on  the  Lehigh  to  the  east,  and  on  the  Sus- 
quehannah  to  the  west,)  till  it  passes  beyond  the  head  waters 
of  the  Lackawaxen,  a  branch  of  the  Delaware,  and  within  five 
miles  of  the  proposed  head  of  the  Canal  navigation,  between 
which  and  the  coal  there  is  no  mountain  ;  the  chain  being 
broken  by  Rix’s  Gap,  which  appeared  to  me  to  be  about  half 
a  mile  in  width,  consisting  of  waving  land,  favourable  to  agri¬ 
culture.  A  turnpike  road  passes  the  chain  of  mountains  here, 
and  it  appeared  to  me  that  if  the  Laekawanock  (which,  after 
passing  through  the  coal  valley,  joins  the  Susquehannah) 
should  not  be  found  capable  of  feeding  a  Canal  through  the 
Gap,  that  the  ground  would  be  very  favourable  to  an  iron 
rail  road,  as  they  are  formed  in  England.  And  having  under¬ 
stood  that  the  accidental  circumstance  of  your  giving  the 
coal  the  name  of  the  river,  which  will  supply  the  water  to 
bear  it  to  market,  instead  of  the  name  of  the  stream  which 
runs  over  its  strata,  has  given  room  for  the  assertion,  that 
there  is  no  coal  on  the  Lackawaxen,  I  trust  this  explanation 
of  the  locality  will  essentially  correct  the  impression  such  as¬ 
sertions  are  calculated  to  make. 

From  my  know  ledge  of  the  place,  I  am  able  to  say,  there 
is  no  mountainous  land  intervening  between  the  head  of  the 
Lackawaxen,  proposed  to  be  reached  by  the  Canal,  and  the 
coal  formation,  which  is  the  principal  object  of  the  w  ork ; 
but  that  the  intervening  distance,  of  between  four  and  five 
miles,  is  partly  occupied  by  a  good  turnpike  road,  and  is  very 
capable  of  a  rail  way  the  whole  distance,  and  probably  of  a 
continuation  of  the  Canal,  by  feeding  from  some  little  distance 
up  the  Lackawanock. 

And  it  may  be  proper  to  state,  also,  the  evident  fact,  that 
this  bod}^  of  coal  is  about  the  same  distance  from  the  Hudson, 
as  the  southern  extremity  of  the  coal  formation  is  from  Phila- 


21 


delphia,  making  the  difference  in  favour  of  this  opportunity 
of  supply  to  the  state  of  New-York,  equal  to  the  distance  of 
Philadelphia  from  the  city  of  New-York. 

As  to  the  quality  of  the  coal,  there  is  no  occasion  to  bear 
testimony;  but  it  may  be  proper  to  add,  that  while  I  was  at 
the  mine,  I  saw  it  used  in  the  blacksmith’s  forge,  with  perfect 
success;  and  in  Philadelphia  it  brings  the  same  price  as  the 
Schuylkill  coal. 

It  is  well  known,  that  this  species  of  coal  contains  full  twice 
as  much  carbon  as  the  Liverpool  coal  does,  viz. — 97-100  to 
44-100. 

Under  the  persuasion  that  this  article,  both  for  economy 
and  commerce,  would  be  a  great  acquisition  to  this  state,  you 
have,  sir,  my  free  consent  to  make  any  use  of  these  facts  that 
you  may  deem  proper. 

I  have  the  honour  to  be,  very  respectfully, 

Your  friend  and  humble  servant, 

JOHN  L.  SULLIVAN. 

Extract  of  a  letter  from  Professor  Griscom  to  the  Commission¬ 
ers  of  the  Delaware  and  Hudson  Canal ,  dated  fVilkesbarre , 

12  mo.  1 8th,  ( December  ,)  1824. 

“  On  the  whole,  the  conclusion  which  I  think  every  person 
would  draw  from  such  an  examination,  is,  that  the  quantity 
of  coal,  even  within  the  limits  of  Carbondale,*  is  inexhausti¬ 
ble  by  any  demand  which  the  city  and  state  of  New-York, 
and  places  adjacent,  are  likely  to  require  for  centuries  to 
come.  This  inference  is,  indeed,  liable  to  the  uncertainty 
which  ever  attends  conclusions  relative  to  mining  operations ; 
but  in  no  part  of  the  world,  I  apprehend,  are  appearances 
more  favourable  and  promising.” 

*  Rix’s  Gap. 

The  whole  of  the  above  letter,  with  a  more  detailed  report 
by  Professor  Griscom,  <+f  the  result  of  his  visit  to  the  Mines, 
will  appear  in  the  public  prints. 


SUPPLEMENTS 

TO  AN  ACT  TO  INCORPORATE  THE 

®2&A'WA5ft!i8  AST®  ®IW®S®W 

(Canal  Cemyauo. 

An  Act  to  amend  the  Act ,  entitled ,  “  An  Act  to  incorporate  the  Pre¬ 
sident, ,  Managers,  and  Company,  of  the  Delaware  and  Hudson 

Canal  Company .  Passed  April  23d,  1823.” 

PASSED  APRIL  7th,  1824. 

Whereas,  By  the  Act  to  which  this  is  emendatory,  the  Corpo¬ 
ration  hereby  created  is  authorised  to  use  any  capital  that  may  be 
necessary  to  effect  the  objects  contemplated  by  the  Act,  but  the 
amount  of  original  subscriptions  is  limited  to  five  hundred  thousand 
dollars  :  And  whereas  it  appears  from  an  actual  survey  and  exa¬ 
mination  of  the  route,  that  it  will  require  a  larger  sum  to  make  a 
Canal,  or  slack-water  navigation,  from  the  Hudson  to  the  head 
waters  of  the  Lackawaxen,  and  the  proprietors  of  the  Coal  Mines 
near  this  river  have  represented  to  the  legislature,  that  they  deem 
it  expedient  that  the  whole  line  of  improvement  should  be  made  by 
one  company,  to  be  organized  under  the  Act  to  which  this  is  emen¬ 
datory  ;  Therefore, 

Be  it  enacted  by  the  People  of  the  State  of  New-  York,  represented 
in  Senate  and  Assembly,  That  for  the  purpose  of  effecting  the  ob¬ 
jects  contemplated  by  the  Act  to  which  this  is  emendatory,  the 
subscription  of  five  hundred  thousand  dollars,  authorised  by  the 
first  section  thereof,  shall  be,  and  the  same  is  hereby  enlarged  to 
the  sum  of  fifteen  hundred  thousand  dollars,  any  thing  in  the  said 
Act  to  the  contrary  notwithstanding. 

And  be  it  further  enacted.  That  for  the  purpose  of  making  a 
Canal,  or  slack- water  navigation,  from  or  near  Carpenter’s  Point, 
on  the  river  Delaware,  to  the  mouth  of  the  river  Lackawaxen,  the 
said  Corporation  sh  ill  have  and  possess,  within  the  jurisdiction  of 
this  state,  the  same  powers,  privileges,  and  authority,  subject  how¬ 
ever  to  the  same  restrictions  and  limitations,  as  have  been  granted 
and  imposed  upon  it  for  the  purpose  of  enabling  it  to  make  a  Ca¬ 
nal  or  slack- water  navigation,  between  the  Delaware  and  Hudson 
rivers. 

State  of  New -  York,  Secretary’s  Office. 

I  certify  the  preceding  to  he  a  true  copy  of  an  original  act  of 
the  legislature  of  this  state,  on  file  in  this  office. 

ARCHD.  CAMPBELL,  Dep.  Sec. 

Albany ,  April  1th,  1824. 


An  kcTyfurtfier  to  amend  the  Act,  entitled ,  Ci  An  Act  to  incorporate 

the  President ,  Managers ,  and  Company ,  o/*  f/ie  Delaware  and 

Hudson  Canal  Company .  Passed  April  23d,  182ck” 

PASSED  NOVEMBER  19th,  1824. 

Be  it  enacted  by  the  People  of  the  State  of  New-York ,  represented 
in  Senate  and  Assembly ,  That  it  shall  be  lawful  for  the  President, 
Managers,  and  Company,  of  the  Delaware  and  Hudson  Canal  Com¬ 
pany,  to  employ  five  hundred  thousand  dollars  of  their  capital  actu¬ 
ally  paid  in,  in  the  business  of  banking,  and  for  that  purpose  the 
bills  obligatory  and  of  credit,  under  the  seal  of  the  said  corporation, 
which  shall  be  made  to  any  person  or  persons,  shall  be  assignable 
by  indorsement  thereon,  under  the  hand  of  such  person  or  persons, 
and  of  his,  her,  or  their  assignee  or  assignees,  and  so  as  abso¬ 
lutely  to  transfer  and  vest  the  property  thereof  in  each  and  every 
assignee  or  assignees  successively,  and  to  enable  such  assignee  or 
assignees  to  bring  and  maintain  an  action  therefor  in  his,  her,  or 
their  own  name  or  names,  and  bills  or  notes  which  may  be  issued 
by  order  of  the  said  corporation,  signed  by  the  President,  and 
countersigned  by  the  Treasure!  thereof,  promising  the  payment  of 
money  to  any  person  or  persons,  his,  her,  or  their  order,  or  to  the 
bearer,  though  not  under  the  seal  of  the  said  corporation,  shall  be 
binding  and  obligatory  upon  the  same,  in  the  like  manner,  and  with 
the  like  force  and  effect,  as  upon  any  private  person  or  persons, 
if  issued  by  him,  her,  or  them,  in  his,  her,  or  their  natural  capa¬ 
city  or  capacities,  and  shall  he  assignable  and  negotiable  in  like 
manner  as  if  they  were  issued  by  such  private  person  or  persons. 
Provided ,  however,  that  the  said  corporation  shall  not  demand  any 
greater  interest  on  a  loan  or  discount,  than  at  the  rate  of  six  per 
centum  per  annum. 

And  be  it  further  enacted ,  That  the  total  amount  of  notes  or  bills 
which  the  said  corporation  may  at  any  time  issue  and  have  in  cir¬ 
culation,  shall  not  exceed  the  sum  of  fifteen  hundred  thousand  dol¬ 
lars  ;  and  in  case  of  such  excess,  the  managers,  under  whose  ad¬ 
ministration  it  shall  happen,  shall  be  liable  for  the  same  in  their 
private  capacities  ;  but  this  shall  not  be  construed  to  exempt  the 
said  corporation,  or  any  estate,  real  or  personal,  which  it  may  hold 
as  a  body  corporate,  from  also  being  liable  for  such  excess  ;  but 
such  managers  as  shall  have  been  absent  when  the  said  excess  was 
issued,  or  who  may  have  dissented  from  the  resolution  or  act  by 
which  the  same  was  done,  and  entered  their  dissent  upon  the 
minutes  of  the  Board,  shall  not  be  so  liable. 

And  be  it  further  enacted,  That  if  at  any  time  the  President, 
Managers  and  Company  should  refuse,  on  demand  being  made 
their  banking  house,  during  the  regular  hours  of  doing  business, 
to  redeem  in  specie,  or  other  lawful  money  ©f  the  United  States, 
(heir  said  bills,  notes,  or  other  evidences  of  debt,  issued  by  the  said 


24 


corporation,  the  said  President,  Managers  and  Company  shall,  oil 
pain  of  forfeiture  of  ihe  banking  privileges  hereby  granted,  wholly 
discontinue  and  close  their  said  banking  operations,  until  such  lime 
as  the  said  corporation  shall  resume  the  redemption  of  the  said 
bills,  notes,  or  other  evidences  of  debt,  in  specie,  or  other  lawful 
money  of  the  United  States  ;  and  the  said  corporation  shall  be  lia¬ 
ble  to  pay  to  the  holders  of  all  such  notes  and  bills,  the  paymenl 
whereof  has  been  refused  or  delayed,  upon  demand,  as  aforesaid, 
damages  for  the  non-payment  thereof,  at  the  rate  of  twelve  pel 
ceruum  per  annum,  until  the  same  shall  be  paid  as  aforesaid,  oi 
otherwise  satisfied. 

And  be  i.  fvriiH*r  enacted ,  That  the  banking-house  of  the  said 
corporation  shall  be  located  in  the  city  of  New- York,  and  it  shall 
be  lawful  for  it  to  hold  such  lands,  tenements,  and  hereditaments, 
as  shaii  he  necessary  and  requisite  for  its  immediate  accommoda¬ 
tion,  in  relation  to  the  convenient  transaction  of  its  business,  and 
such  also  as  shall  have  been  bona  fide  mortgaged  to  it  by  way  o; 
security,  or  conveyed  to  it  in  satisfaction  of  debts  previously  con¬ 
tracted' '-in  ilie  course  of  its  dealings,  or  purchased  at  s  ties  upon 
judgments  which  shall  have  been  obtained  for  such  debts. 

And  be  il  further  enacted ,  That/if  the  said  corporation  shall  not, 
wLhm  six  months  after  the  election  of  the. first  Board  of  Managers, 
have  commenced  the  making  of  n  Canal,  or  slack  water  navigation, 
fro  n  the  tide-waters  of  the  Hudson  to  the  head  waters  of  the  Lack- 
awaxen  river,  and  shall  not  expend,  in  each  and  every  succeeding 
year  thereafter,  at  least  one  hundred  and  fifty  thousand  dollars, 
between  the  Hudson  and  Delaware  rivers,  until  the  Can  il  or  navi¬ 
gation  shall  be  completed  between  the  said  rivers,  or  shall  not  have 
completed  the  whole,  line  of  navigation  from  the  Hudson  to  the 
head  of  the  Lackawaxen,  within  seven  years  after  the  passage 
of  this  act,  so  as  to  open  a  complete  channel  for  the  transpor¬ 
tation  of  coal  to  this  state,  then,  in  either  of  these  events,  the  bank¬ 
ing  privileges  hereby  granted  shall  cease  and  determine. 

And  be  it  further  enacted ,  That  the  banking  privileges  hereby 
granted,  shall  continue  in  force  for  the  period  of  twenty  years  from 
and  after  the  passage  of  this  act,  and  no  longer ;  and  that  the  Legis¬ 
lature  may  at  any  time  alter,  modify,  or  repeal  this  act. 

State  of  New- York,  Secretary'' s  Office. 

I  certify  the  preceding  to  be  a  true  copy  of  an  original  act  of  the 
legislature  of  this  state,  on  file  in  this  office. 

ARCHD.  CAMPBELL,  Dep.  Sec f 
Albany ,  Nov.  19,  1824. 


